Property bought

Hi Is it mandatory to file details of bought property in IT Returns. What if someone fails to do so? Can it be rectified later. Thanks & Regards
Replies (3)

it may be rectified

 

Disclosure for transaction of immovable property exceeding 30 lacs in a fin year is covered under AIR information of ITRs.

You can revise your return of Income provided it is filed within due date as prescribed u/s. 139

Regards

Thanks for the replies :). If I have understood correctly then only notification of  property transactions above 30 Lacs are mandatory. If not then how can one rectify now property bought in 1995 worth Rs 1 Lac.

 

Regards

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